GM Still on Hold
General Motors (GM) is trading nearly 4% lower today after March auto sales data fell short of estimates.
Aggressive price-cutting by automakers contributed to a weak month industry-wide. GM’s sales growth of 1.6% was quite a bit lower than the 5.5% year-over-year increase analysts were expecting. However, GM gained market share, as competitors saw sales slip even further. Ford’s (F) sales fell 7.2%, and Fiat Chrysler’s (FCAU) slumped 4.6%. F is down 3% today, and FCAU about 5%.
GM is currently trading around 34. The stock found support around this level after selling off two weeks ago, so we’ll keep it rated Hold for now. HOLD.